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Nifty ends flat amid dampened sentiment

By IANS | Updated: September 25, 2023 17:10 IST

Mumbai, Sep 25 Nifty swung between gains and losses to finally close flat at 19,675. Broader markets were ...

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Mumbai, Sep 25 Nifty swung between gains and losses to finally close flat at 19,675. Broader markets were positive with Nifty Mid-cap 100 up 0.7 per cent while Nifty Small-cap 100 ending flat, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

While Nifty 50 closed flat at 19,674.55, Sensex closed nearly 15 points, or 0.02 per cent, up at 66,023.69.

Sectorally it was a mixed bag with buying seen in realty, consumer durables, and financial services. Markets have come under pressure in recent weeks, as the US central bank hinted at more rate hikes in the future, Khemka said.

"This along with persistent selling by FIIs, rising crude prices, and a spike in bond yields dampened investors' sentiments. We expect weakness to persist in the market amid cautiousness ahead of the monthly FNO expiry this week and economic data like India’s Infrastructure Output for the month of August US/UK Q2 GDP data and US/ China manufacturing PMI data to be released," he added.

Vinod Nair, Head of Research at Geojit Financial Services, said the day presented a mixed picture in the market, with sectors such as realty, banking, and consumer durables performing well, while IT and pharma struggled.

Investors were actively repositioning, shifting away from stocks tied to the global economy and focusing on the domestic economy. Concerns loomed over a potential global economic slowdown due to the prolonged period of high interest rates, Nair said.

While the domestic market is witnessing good registration and consumption demand ahead of the festival season, India's entry into JPMorgan's Emerging Markets Government Bond Index is benefiting the financial sector in anticipation of a reduction in funding costs.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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